N127m Fraud: EFCC Arraigns Lagos Ex-Scholarship Board Chief, Stephen Oshinowo
The Economic and Financial Crimes Commission (EFCC) has arraigned Stephen Oshinowo, a former Executive Secretary of the Lagos State Scholarship Board for an alleged N127 million fraud.
He was arraigned on Thursday on an amended eight-count before Justice Oluwatoyin Taiwo of the Special Offences Court sitting in the Ikeja area of Lagos.
In one of the counts, Oshinowo was alleged to have converted the sum of N30 million belonging to the Lagos State government, Channels TV reports.
The count read, “That you, Stephen Osinowo, sometime in 2018, in Lagos and within the jurisdiction of this honourable court, being a civil servant, dishonourably converted to the use of Oshinowo Adenike the total sum of N30 million (Thirty Million Naira), property of Lagos State Board.”
“That you, Stephen Oshinowo, between 8th day of February, 2016 and 30th day of December in Lagos and within the jurisdiction of this honourable court, being the Secretary of Lagos State Scholarship Board, dishonestly converted to your own use, through Julikam International Limited, the sum of N39, 934,919 (Thirty -nine Million Nine Hundred and Thirty-four Thousand Nine Hundred and Nineteen Naira) property of Lagos State Board,” another count read.
The EFFC said its investigation showed that Oshinowo, at various times, allegedly diverted to his personal use the sum of N127,164,066 meant for the board.
The charge was read to the defendant and he pleaded “not guilty”.
In view of his plea, the prosecution counsel, Usman Buhari, asked the court for a trial date and prayed that the defendant be remanded.
The defence counsel, Lawal Pedro, on his part, urged the court to grant a short adjournment to enable it hear the bail application of his client.
Justice Taiwo, thereafter, adjourned until Friday for the hearing of the bail application and ordered that the defendant be remanded in the EFCC custody.